Business View Caribbean | February 2021

15 BUSINESS VIEW CARIBBEAN FEBRUARY 2021 and education, housing is a component that drastically influences a person’s physical and mental wellbeing. Poverty severely limits people’s options, which is why poverty is linked to a vast range of health problems, both acute and chronic in nature. Most obvious is the quality of the housing itself. People in low-income housing that’s poorly constructed or maintained may be exposed to lead paint, water contamination, and a slew of other environmental risks that are far less likely for more affluent populations. These environmental threats lead to chronic health issues for children, families, and seniors, which come at enormous and preventable cost to both the residents and their greater communities. The buildings themselves are not the only risks. When a person’s home is unaffordable, other critical health factors like healthy foods and doctors’ visits become farther out of reach. But when people have access to quality affordable housing options, they are far less likely to face environmental threats, and far more likely to have enough income for healthy food options and routine medical care – ultimately helping them lower the risk of severe chronic health problems. The more people can spend on adequate healthcare and fresh food, the better and healthier the local economy becomes. More affordable housing creates more job opportunities Another huge economic impact of affordable housing is the number of jobs it can create, both during the construction phases and ultimately through long-term societal growth. Let’s consider the economic impact that simply building a new affordable housing building can provide. The contractors will need to hire manufacturing and construction companies in order to build. Then, the housing centers will need staffing for maintenance, operations, and leasing jobs to keep grounds well-managed and clean for the residents it needs to attract and retain. Of course, there are also many long-term opportunities that come with affordable housing in local economies. The healthier an economy is, the more jobs it will need. One of the benefits of affordable housing is that it encourages improved mobility that creates more jobs and growth for our communities. Though some of these jobs are more immediate than others, the long-term benefits of affordable housing are profound and can lead to meaningful change in society. Investing in the future Another long-term economic benefit of affordable housing is the chance to decrease childhood poverty. Providing children with a better and more equitable path forward is one of these long-term ways to build economic growth and healthier societies. Equipping kids with tools for social mobility isn’t just a moral argument, it’s also proven to create economic growth for communities. A stable, affordable home is the foundation for everything else. It gives children the chance to establish healthy habits and focus on their goals and education. Generationally, this has massive impacts on educational achievement, economic output, and creating opportunities for residents to give back to their communities. Affordable housing improves the quality of life of residents by leading to better health, adequate jobs, financial stability, security, and population diversity.